Revolut, a $45 billion neobanking startup founded in the UK, may have put its IPO plans on ice, but its balance sheet looks pretty hot.
The company reported a net profit of $1 billion (£790 million) in 2024, although its customer base rose 38% to 52.5 million, according to its annual report. Revenues rose 72% annually to $4 billion (£3.1 billion).
The message here is one of the strong growth overall.
This is the fourth year in a row that I have been with Black people in Revolut. 2024 was a big year for the company. It more than doubled the net profit that it acquired in 2023 ($428 million), securing a banking license in the largest UK market. It was valued at $45 billion behind the massive stock sales. And it launched the crypto exchange, Revolut X.
Some believe that exchanges will portend Riborat launching its own stub coin. From what we understand, it spans multiple jurisdictions beyond Europe and its mica cryptographic regions, and takes time to set up as a result of its complexity.
The company didn't specifically announce Revolut X's revenue figures, but it looks like a bit of a juggernaut. The exchange is part of Revolut's Wealth Group, with revenues rising 298% to $647 million, up 2023 from just $158 million. This includes revenue from savings products, but is now the second-largest part of Revolut's business after card payments have been cut (this business is up 43% to $887 million).
“2024 was a landmark year for Revolut,” CEO and co-founder Nik Storonsky (pictured above) said in a statement. “We accelerated customer growth and welcomed nearly 15 million new users globally, but very importantly, we saw our customers become more involved with adopting a wider range of services in both retail and revolving businesses.”
The company said two of its biggest priorities for 2025 are “officially” launching banks “officially” in the UK and Mexico (behind the licences) and double its customer base to 100 million.
That's far more positive news than the revelation that Ripling sued Revolut to reveal who sent money to the so-called “deal spy.”
That new crypto exchange could potentially play a role there. Revolut has previously felt it would be difficult to infiltrate the US market, but the US government's move to unlock activities around Cryptocurrency could pave the way for Revolut to drive users through new products.
It could also help Revolut enter into a new funding transaction. This could also close the deal following reports that its Stablecoin launch and that it could be approaching another stock sale at a $60 billion valuation.
Revolut refused to comment on future secondary funding, and was equally uncommitted on the subject of the public offering.
“There are no immediate plans or timelines to be announced regarding the IPO,” the spokesman said. “Our current focus is firmly on implementing our strategy. We are driving growth, expanding globally and innovating our customers.”